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Benzinga
Benzinga
Business
Anusuya Lahiri

Amazon Deepens Overseas Push With Latest Acquisition

  • Amazon.com Inc (NASDAQ:AMZN) has acquired the Indian social commerce startup GlowRoad in an all-cash deal making a more significant push into one of its key overseas markets, TechCrunch reports.
  • The financial terms of the transaction remain undisclosed.
  • The report cited an Amazon spokesperson saying the acquisition will help Amazon make inroads with its commitment to digitizing the nation's 10 million businesses by 2025.
  • Amazon, which has invested over $6.5 billion in its India operations, said: "Amazon continues to explore new ways to digitize India and delight customers, micro-entrepreneurs, and sellers, and bringing GlowRoad onboard is a key step in this direction."
  • "Together with GlowRoad, Amazon will help accelerate entrepreneurship among millions of creators, homemakers, students, and small sellers from across the country."
  • GlowRoad sells products to customers at wholesale prices and helps them resell them on Meta Platforms Inc (NASDAQ:FB) Facebook, and WhatsApp. It also provides them with a logistics network (to help deliver the product) and the ability to collect cash. 
  • "GlowRoad is committed to creating more 'homepreneurs' and bringing many unique and unbranded suppliers to the platform," said co-founder Shekhar Sahu.
  • The report noted Walmart Inc's (NYSE:WMT) Flipkart has aggressively geared up its social commerce offering, Shopsy, India.
  • Many startups, including SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF), Facebook-backed Meesho and Alpha Wave Global, and Tiger Global-backed Dealshare also operate in the social commerce space and enjoy a larger market share than that of Shopsy.
  • Price Action: AMZN shares closed lower by 3.7% at $2,965.92 on Thursday.
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